Yes, short term, the threat of a significant conflict between the EU and US has passed. But the erosion of credibility and reliability that has been continuously compounding through each of his actions will not be undone.
Ever since WWII, the middle Western powers have looked to the US as a guarantor of both financial and military security. We have now reached a point where they can no longer be certain of either guarantee. The failiure of the US federal government and judicial system to put any checks or balances on its most powerful figure has been witnessed worldwide. Even after Trump is gone, unless the US undergoes an extensive transformation at the constitutional level, there is no guarantee that in the future another even more deranged and erratic president won't be elected.
This change in view has been exemplified, in my opinion, by Carney's speech at Davos. The Western middle powers are growing to realize to an ever greater extent that they must guarantee their own future. We can expect to see increased investments in domestic economies, independent supply chains, and military power. Foreign and internal policies will both be modified to decrease reliance on external actors, particularly China and, now, the US.
I can only see this having an adverse effect on the US economy and stock market. Decreased trust in the USD will not only affect interest rates and the strength of the currency, but will also push investors to further diversify away from the US. It can also be expected to decrease the growth of US industries that rely heavily on foreign sales in critical sectors like defense, aerospace, tech, and so forth.
Point is, this isn't just a sequence of corrupt stunts, it's a deliberate undermining of a relationship of trust that has held strong between western nations for nearly a century, and we'll be seeing the consequences for the foreseeable future.